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SWIFT is forming a coalition with more than 30 of the world’s biggest banks to test a shared blockchain ledger built for real-time cross-border payments. The initiative signals how traditional finance is preparing for digital-first infrastructure that never sleeps.
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The first step will be a prototype that records and validates transactions in real time. By using smart contracts, the system can enforce payment rules automatically, while the shared ledger acts as a single source of truth across multiple institutions.
SWIFT confirmed the ledger will be built with interoperability in mind, meaning it can work alongside existing payment systems as well as new digital asset networks.
The project involves banks from 16 countries. Among the participants are some of the biggest names in finance: Bank of America, JPMorgan Chase, Citi, HSBC, Deutsche Bank, and BNP Paribas. By aligning such a broad coalition, SWIFT is showing that its vision is not just experimental but geared toward practical, industry-wide adoption.
Beyond the shared ledger, SWIFT also plans to introduce tools that connect digital assets with fiat currency systems. This step reflects the network’s larger strategy: modernizing cross-border payments while laying the groundwork for digital finance integration.
SWIFT CEO Javier Pérez-Tasso framed the initiative as both evolutionary and forward-looking:
“We provide powerful and effective rails today and are moving at a rapid pace with our community to create the infrastructure stack of the future. Through this initial ledger concept we are paving the way for financial institutions to take the payments experience to the next level with Swift’s proven and trusted platform at the center of the industry’s digital transformation.”